Doha-based Qatar Navigation (Milaha) reported a 34 percent drop in profit for the year 2017.
The company stated in its report on Monday that the net profit for the year 2017 reached 470 million Qatari Riyals ($129.1 million), compared to the 711 million Qatari Riyals reported in the previous year.
Speaking of the results, Milaha’s chairman Sheikh Ali bin Jassim Al Thani, noted that “despite the unexpected events and ongoing industry-wide challenges during the year, Milaha remained profitable in 2017 driven by a stronger operating performance in the third quarter onwards.”
He added that this sets the stage for the year 2018 in which the company will continue its focus on strategic priorities.
“Additionally, we continued to improve the cost structure of our businesses, expand our value proposition, and we remain on track to deliver sustained short and long-term growth,” Al Thani said.
Milaha, which owns a 30 percent stake in Qatar’s LNG shipping giant Nakilat, said its operating revenues decreased by 2 percent to 2.491 billion Qatari Riyals for the twelve months ended December 31, 2017, down from 2.551 billion Qatari Riyals for the same period in 2016.
Milaha Gas & Petrochem’s net profit declined by 269 million Qatari Riyals in comparison to 2016. The shipping sectors in which the company operates continued to face significant challenges in 2017, which impacted both commercial performance as well as vessel valuations.